Blockchain Capital, a prominent cryptocurrency investment firm, is reportedly seeking to raise $700 million for the launch of two new funds, according to a recent Bloomberg report. The firm, headquartered in San Francisco, is expected to finalize its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, which cites an individual familiar with the matter. Despite being approached for comment, the company did not respond to the inquiry. As a leading venture capital company in the crypto space, Blockchain Capital has been led by co-founders and managing partners Bart Stephens and Brad Stephens, and has previously secured around $1 billion in funding for crypto investments, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether.
The company's most recent significant funding round was in 2023, when it raised $580 million for its sixth early-stage fund and a late-stage fund. Notably, Blockchain Capital's limited partners hail largely from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, with the firm currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg.